Which of the following statements is false regarding compilation procedures?
a. The practitioner should have a general knowledge of the organization's industry, the nature of its accounting records, the accounting basis to be used (GAAP or a special purpose framework other than GAAP), and the form and content of the financial statements.
b. The practitioner is required to make inquiries or perform procedures to verify, corroborate, or review information provided by the client.
c. The practitioner is not required to obtain an understanding of internal control over financial reporting.
d. The practitioner should read the financial statements, including footnotes, to make sure that they are appropriate in form and free from obvious material misstatement.
b
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A product's life-cycle cost is the sum of the purchase price and the costs of acquiring, using, owning, maintaining, and disposing of the product
Indicate whether the statement is true or false
An agent acting at the direction of the principal may render the principal liable if the agent:
A. commits a tort or crime. B. is acting on behalf of a nonexistent or incompetent principal. C. does not disclose the principal's name for the duration of the performance under the contract. D. delegates ministerial activities to other employees of the principal.
Which statement about values is incorrect?
a. Values are social principles, goals, or standards accepted by persons in a culture. b. Values are learned by contacts with family members, teachers, and religious leaders. c. Values will be influenced by what is seen on television or read in newspapers. d. People in various cultures have basically similar values.
A line chart would be appropriate to show
A) major fluctuations in population over the past 50 years. B) the relative proportion of students choosing each major in the College of Business. C) steps to complete a computer program. D) geographic connections for a major airline. E) individual sales amounts for two pizza chains.